Nice Ltd. — Regulatory Filings 2005

May 4, 2005

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SECURITIES AND EXCHANGE COMMISSION

WASHINGTON , D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUA NT TO RULE 13A-16 OR 15D-16 OF

THE SECURITIES EXCHANGE ACT OF 1934

For May 4,, 2005

NICE-SYSTEMS LTD .

(Translation of Registrant's Name into English)

8 Hapnina Street, P.O. Box 690 , Ra'anana, Israel

(Address of Principal Executive Offices)

Indicate by check mark whether the Registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F X Form 40-F ___

Indicate by check mark if the Registrant is submitting this Form 6-K in paper as

permitted by Regulations S-T Rule 101(b)(1):

Yes ____ No X

Created Using Viltech Software

Indicate by check mark if the Registrant is submitting this Form 6-K in paper as

permitted by Regulation S-T Rule 101(b)(7):

Yes ____ No X

Indicate by check mark whether by fur-nishing the information contained in this Form 6-K, the Registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ____ No X

If "Yes" is marked, indicate below the file number as-signed to the Registrant in connection with Rule 12g3-2(b): 82- _ N/A __

Page 1 of 8 Pages

THIS REPORT ON FORM 6-K IS HEREBY INCORPORATED BY REFERENCE INTO NICE-SYSTEMS LTD.S ("NICE") REGISTRATION STATEMENTS ON FORM F-3 (REGISTRATION STATEMENT NOS. 333-12350 AND 333-12996) AND NICES REGISTRATION STATEMENTS ON FORM S-8 (REGISTRATION STATEMENT NOS. 333-6784, 333-8146, 333-9350, 333-11842, 333-7414, 333-9352, 333-11154 , 333-13686, 333-111112 ,333-111113 AND 333-109766), AND TO BE A PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS SUBMITTED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.

CO NT E NT S

This Report on Form 6-K of NICE consists of the following documents, which are attached hereto and incorporated by reference herein:

Press Release : Nice Systems Reports 2005 first Quarter Results.

_ 1 _

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

NICE-SYSTEMS LTD.

By: /s/ Ran Oz

Name: Ran Oz

Title: Corporate Vice President Created Using Viltech Software

And Chief Financial Officer

Dated: May 4, 2005

_ 2 _

Created Using Viltech Software Created Using Viltech Software

NICE Reports 2005 First Quarter Results

Highlights:

Q1 revenue at $66.1 million, up 13.3% from Q1 2004

Q1 gross margin improved to 55.3%

EPS was $0.29, up 107% from Q1 2004

Acquisition of Dictaphones CRS business on track

Ra'anana, Israel, May 4, 2005 - NICE Systems (NASDAQ: NICE) , the global provider of advanced solutions that enable organizations to extract insight from interactions to drive performance, today announced results for the first quarter ending March 31, 2005.

First quarter 2005 revenue was $66.1 million, at the upper end of the Company's guidance range. First quarter revenue represents a 13.3% increase over $58.3 million in the same quarter of 2004.

First quarter gross margin was 55.3%, an improvement from the 53.8% reported in the first quarter of 2004.

The company reported a first quarter operating profit of $5.4 million and operating margins of 8.2%, compared with $2.0 million and 3.5% in the first quarter of 2004.

Net income from continuing operations, which excludes income from discontinued operations, was $5.8 million or $0.29 per fully diluted share in the first quarter of 2005, up from $2.6 million or $0.14 per fully diluted share in the same quarter of 2004. First quarter net income was $5.8 million, or $0.29 per fully diluted share, compared with net income of $5.9 million, or $0.32 per share, on a fully diluted basis, in the first quarter of 2004.

Total cash and equivalents at March 31, 2005 rose to $185.1 million, up from $165.9 million at December 31, 2004. DSO`s for the first quarter stood at 69 days.

Commenting on the quarter, Haim Shani, Chief Executive Officer of NICE, said, "After a great year in fiscal 2004, we got off to an outstanding start in fiscal 2005. We are seeing a general growth in demand for our Insight from Interactions solutions, both in the enterprise and security sector. And as a result of the increase in demand and further to the Company`s strong operating platform and business model we have achieved significant earnings growth rate and bottom line leverage."

"Last month we announced our acquisition of Dictaphone`s Communications Recording Systems business, which strengthens our leadership positions in each of our key sectors, and the transaction is progressing according to plan."

"We reiterate our annual guidance, with revenues at $295 - $300 million and pro-forma EPS at $1.50 - 1.60. For the second quarter of 2005, we expect to see 9%-14% growth in revenues to $67-$70 million from the $61.3 million reported in the second quarter of last year. In terms of earnings, we expect a 33%-50% increase over second quarter 2004 EPS of $0.24, to between $0.32 and $0.36 per share."

Conference Call

NICE will host a conference call to discuss the results and its business outlook today at 8:30 a.m. EST (15:30 Israel). The call will be broadcast live on the internet via NICE's website at www.nice.com. A telephone replay will be available for up to 72 hours after the call. The replay information: US Toll-free: 1-866-276-1485; International: +972-3-925-5930; Israel: 03-925-5930.

About NICE

NICE Systems (NASDAQ: NICE) is the leading provider of Insight from Interactions, based on advanced content analytics of telephony, web, radio and video communications. NICE's solutions improve business and operational performance, as well as security. NICE has over 15,000 customers in 100 countries, including the world's top 10 banks and 65% of the Fortune 100. More information is available at www.nice.com.

Trademark Note: 360 0 View, Agent@home, Big Picture Technology, Executive Connect, Executive Insight, Experience Your Customer, Investigator, Lasting Loyalty, Listen Learn Lead, MEGACORDER, Mirra, My Universe, NICE, NiceAdvantage, NICE Analyzer, NiceCall, NiceCLS, NiceCMS, NICE Feedback, NiceFix, NiceGuard, NICE Learning, NICE Link, NiceLog, NICE Perform, ScreenSense, NiceScreen, NiceSoft, NICE Storage Center, NiceTrack, NiceUniverse, NiceUniverse LIVE, NiceVision, NiceVision Harmony, NiceVision Mobile, NiceVision Pro, NiceVision Virtual, NiceWatch, Renaissance, Secure Your Vision, Tienna, Wordnet and other product names and services mentioned herein are trademarks and registered trademarks of NICE Systems Ltd. All other registered and unregistered trademarks are the property of their respective owners. Only in Australia

Media — Galit Sadan	NICE Systems galit.sadan@nice.com	972-9-775-3745
Investors
Amit Scheinmann	NICE Systems ir@nice.com	972-9-775-3026

This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on the current expectations of the management of NICE Systems Ltd. (the Company) only, and are subject to a number of risk factors and uncertainties, including but not limited to changes in technology and market requirements, decline in demand for the Company's products, inability to timely develop and introduce new technologies, products and applications, difficulties or delays in absorbing and integrating acquired operations, products, technologies and personnel, loss of market share, pressure on pricing resulting from competition, and inability to maintain certain marketing and distribution arrangements, which could cause the actual results or performance of the Company to differ materially from those described therein. We undertake no obligation to update these forward-looking statements. For a more detailed description of the risk factors and uncertainties affecting the company, refer to the Company's reports filed from time to time with the Securities and Exchange Commission.

| NICE SYSTEMS LTD. AND
SUBSIDIARIES | | |
| --- | --- | --- |
| CONSOLIDATED STATEMENTS
OF OPERATIONS | | |
| U.S. dollars in thousands
(except per share amounts) | | |
| | Three months ended | |
| | March 31, | |
| | 2004 | 2005 |
| | Unaudited | Unaudited |
| Revenue | | |
| Product | $ 41,397 | $ 47,277 |
| Services | 16,946 | 18,845 |
| Total revenue | 58,343 | 66,122 |
| Cost of revenue | | |
| Product | 14,855 | 15,557 |
| Services | 12,123 | 13,991 |
| Total cost of revenue | 26,978 | 29,548 |
| Gross Profit | 31,365 | 36,574 |
| Operating Expenses: | | |
| Research and development,
net | 6,215 | 6,756 |
| Selling and marketing | 15,261 | 16,069 |
| General and administrative | 7,865 | 8,340 |
| Total operating expenses | 29,341 | 31,165 |
| Operating income | 2,024 | 5,409 |
| Financial income, net | 901 | 1,052 |
| Income before taxes on
income | 2,925 | 6,461 |
| Taxes on income | 310 | 685 |
| Net income from continuing
operations | 2,615 | 5,776 |
| Net income from
discontinued operation | 3,236 | - |
| Net income | $ 5,851 | $ 5,776 |
| Basic income per share
from continuing operations | $ 0.15 | $ 0.31 |
| Basic income per share
from discontinued operation | $ 0.19 | - |
| Basic income per share | $ 0.34 | $ 0.31 |
| Diluted income per share
from continuing operations | $ 0.14 | $ 0.29 |
| Diluted income per share
from discontinued operation | $ 0.17 | - |
| Diluted income per share | $ 0.32 | $ 0.29 |
| Weighted average number of
shares | | |
| outstanding used to
compute: | | |
| Basic income per share | 17,107 | 18,411 |
| Diluted income per share | 18,568 | 19,861 |

| NICE SYSTEMS LTD. AND
SUBSIDIARIES | | |
| --- | --- | --- |
| CONDENSED CONSOLIDATED
BALANCE SHEETS | | |
| U.S. dollars in thousands | | |
| | December 31 , | March 31 , |
| | 2004 | 2005 |
| | Audited | Unaudited |
| ASSETS | | |
| CURRENT ASSETS : | | |
| Cash and cash equivalents | $ 26,579 | $ 25,420 |
| Short-term bank deposits | 175 | 161 |
| Marketable securities | 24,348 | 41,486 |
| Trade receivables | 46,407 | 49,365 |
| Other receivables and
prepaid expenses | 7,937 | 8,617 |
| Inventories | 12,615 | 11,306 |
| Assets of discontinued
operation | 652 | 652 |
| Total current assets | 118,713 | 137,007 |
| LONG-TERM INVESTMENTS : | | |
| Long-term marketable
securities | 114,805 | 118,024 |
| Other long-term
investments | 9,410 | 9,324 |
| Total long-term
investments | 124,215 | 127,348 |
| PROPERTY AND EQUIPMENT,
NET | 16,981 | 16,247 |
| OTHER ASSETS, NET | 38,410 | 36,064 |
| TOTAL ASSETS | $ 298,319 | $ 316,666 |
| LIABILITIES AND
SHAREHOLDERS' EQUITY | | |
| CURRENT LIABILITIES : | | |
| Trade payables | $ 11,975 | $ 15,037 |
| Accrued expenses and other
liabilities | 55,302 | 59,860 |
| Liabilities of
discontinued operation | 8 | 8 |
| Total current liabilities | 67,285 | 74,905 |
| LONG-TERM LIABILITIES | 8,163 | 8,068 |
| SHAREHOLDERS' EQUITY | 222,871 | 233,693 |
| TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY | $ 298,319 | $ 316,666 |

| NICE
SYSTEMS LTD. AND SUBSIDIARIES | | |
| --- | --- | --- |
| CONSOLIDATED
CASH FLOW STATEMENTS | | |
| U.S.
dollars in thousands | | |
| | Three
months ended | |
| | March 31, | |
| | 2004 | 2005 |
| | Unaudited | Unaudited |
| Cash
flows from operating activities: | | |
| Net income | $ 5,851 | $ 5,776 |
| Less
income for the period from discontinued operation | (3,236) | - |
| Adjustments
required to reconcile net income to net cash | | |
| provided
by operating activities: | | |
| Depreciation
and amortization | 3,510 | 3,009 |
| Accrued
severance pay, net | (9) | (49) |
| Amortization
of discount (premium) and accrued interest | | |
| on
marketable securities | 303 | 280 |
| Decrease
(increase) in trade receivables | 1,541 | (3,477) |
| Decrease
(increase) in other receivables and prepaid expenses | 1,145 | (759) |
| Decrease
in inventories | 285 | 229 |
| Increase
(decrease) in trade payables | (1,598) | 3,097 |
| Increase
(decrease) in accrued expenses and other liabilities | (99) | 4,700 |
| Other | 11 | 37 |
| Net cash
provided by operating activities from continuing operations | 7,704 | 12,843 |
| Net cash
provided by operating activities from discontinued operation | 204 | - |
| Net
cash provided by operating activities | 7,908 | 12,843 |
| Cash
flows from investing activities: | | |
| Purchase
of property and equipment | (1,838) | (1,378) |
| Investment
in short-term bank deposits | (7) | (21) |
| Proceeds
from short-term bank deposits | 47 | 33 |
| Proceeds
from maturity of short-term marketable securities | 7,300 | 83,485 |
| Investment
in short-term marketable securities | - | (95,050) |
| Proceeds
of call of long-term held-to-maturity marketable securities | 15,800 | - |
| Investment
in long-term held-to-maturity marketable securities | (35,355) | (9,072) |
| Capitalization
of software development costs | (443) | (217) |
| Decrease
in accrued acquisition costs | (75) | - |
| Payment in
respect of terminated contract from TCS acquisition | (1,483) | - |
| Proceeds
from related party in respect of TCS acquisition | 4,013 | 2,531 |
| Net cash
used by investing activities from continuing operations | (12,041) | (19,689) |
| Net cash
provided by investing activities from discontinued operation | 4,136 | - |
| Net
cash used by investing activities | (7,905) | (19,689) |
| Cash flows
from financing activities: | | |
| Proceeds
from issuance of shares and exercise of share options, net | 8,022 | 5,703 |
| Net
cash provided by financing activities | 8,022 | 5,703 |
| Effect of
exchange rate changes on cash | (6) | (16) |
| Increase
(decrease) in cash and cash equivalents | 8,019 | (1,159) |
| Cash and
cash equivalents at beginning of period | 29,859 | 26,579 |
| Cash and
cash equivalents at end of period | $37,878 | $25,420 |

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